"We need to specify that this is not a ranking but a qualitative selection – a grouping of groundbreakers, game-changers and innovators working across diverse sectors such as technology, law, banking, insurance, media, biotech and the startup sector," Forbes India said in a statement.

"Mandated quotas smack of tokenism, and we have as many women who favour reservations as those who would like merit to be the decider," said Brian Carvalho, editor of Forbes India, referring to the lack of women on company boards.

"With the overwhelming response that we received for the first edition of W-Power last year, a second edition was imminent. This issue is unique because of the methodology used in the selection of the leaders. We believe that this list cannot be ranked hence we adopt a qualitative approach," said Joy Chakraborthy, CEO, Forbes India and president, revenue, Network18.

The final list of 25 was identified based on jury votes. For the complete list, visit: www.forbesindia.com